Millennium Management LLC Has $3.54 Million Holdings in Cabot Co. (NYSE:CBT)

Millennium Management LLC trimmed its position in shares of Cabot Co. (NYSE:CBT) by 46.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,571 shares of the specialty chemicals company’s stock after selling 33,499 shares during the period. Millennium Management LLC owned 0.07% of Cabot worth $3,544,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in Cabot by 33.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 475 shares of the specialty chemicals company’s stock worth $48,000 after purchasing an additional 119 shares during the last quarter. Banque Cantonale Vaudoise boosted its position in shares of Cabot by 17.5% in the first quarter. Banque Cantonale Vaudoise now owns 833 shares of the specialty chemicals company’s stock valued at $77,000 after acquiring an additional 124 shares during the period. Miller Howard Investments Inc. NY grew its stake in shares of Cabot by 4.4% in the second quarter. Miller Howard Investments Inc. NY now owns 3,162 shares of the specialty chemicals company’s stock valued at $291,000 after acquiring an additional 132 shares in the last quarter. Los Angeles Capital Management LLC increased its position in Cabot by 1.4% during the first quarter. Los Angeles Capital Management LLC now owns 10,851 shares of the specialty chemicals company’s stock worth $1,000,000 after acquiring an additional 145 shares during the period. Finally, CWM LLC raised its stake in Cabot by 60.6% in the 2nd quarter. CWM LLC now owns 416 shares of the specialty chemicals company’s stock worth $38,000 after purchasing an additional 157 shares in the last quarter. Institutional investors and hedge funds own 93.18% of the company’s stock.

Cabot Stock Performance

NYSE CBT opened at $112.41 on Monday. The company has a quick ratio of 1.45, a current ratio of 2.22 and a debt-to-equity ratio of 0.72. Cabot Co. has a 12-month low of $65.10 and a 12-month high of $113.12. The firm has a market cap of $6.21 billion, a P/E ratio of 14.23, a price-to-earnings-growth ratio of 0.93 and a beta of 1.19. The company’s 50 day moving average is $104.12 and its 200-day moving average is $98.99.

Cabot (NYSE:CBT) last posted its quarterly earnings data on Monday, August 5th. The specialty chemicals company reported $1.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.20. Cabot had a return on equity of 26.99% and a net margin of 12.05%. The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the business earned $1.42 EPS. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. Sell-side analysts predict that Cabot Co. will post 7.07 earnings per share for the current year.

Insider Buying and Selling at Cabot

In other Cabot news, EVP Jeff Ji Zhu sold 1,201 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $106.19, for a total transaction of $127,534.19. Following the completion of the sale, the executive vice president now owns 96,000 shares of the company’s stock, valued at approximately $10,194,240. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Cabot news, CFO Erica Mclaughlin sold 23,274 shares of Cabot stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $99.79, for a total transaction of $2,322,512.46. Following the completion of the transaction, the chief financial officer now directly owns 59,814 shares of the company’s stock, valued at $5,968,839.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jeff Ji Zhu sold 1,201 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $106.19, for a total value of $127,534.19. Following the completion of the sale, the executive vice president now owns 96,000 shares in the company, valued at approximately $10,194,240. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 71,939 shares of company stock worth $7,308,812. Company insiders own 3.07% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on CBT. UBS Group reduced their target price on Cabot from $103.00 to $98.00 and set a “neutral” rating on the stock in a report on Tuesday, August 6th. StockNews.com lowered Cabot from a “strong-buy” rating to a “buy” rating in a research note on Monday, June 24th. Finally, JPMorgan Chase & Co. boosted their target price on Cabot from $95.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $101.75.

Cabot Company Profile

Cabot Corporation operates as a specialty chemicals and performance materials company. The company operates through two segments, Reinforcement Materials and Performance Chemicals. It offers reinforcing carbons that are used in tires as a rubber reinforcing agent and performance additive, as well as in industrial products, such as hoses, belts, extruded profiles, and molded goods; and engineered elastomer composites solutions.